Gold & Silver Afternoon Update 10/8/2025 | The Bregar Minute
A volatile rest of the day for the precious metals. The continued run higher for stocks & palladium into mid-day (on no news) propelled both gold & silver to new all-time-highs during the 12pmET hour, but then we started to turn lower. Headlines about silver’s achievement funnily marked session highs; gold went offered with bonds following a poor US 10yr note auction, all the metals were sold further following the FOMC Minutes (perhaps on the upside risks to inflation felt by the majority of participants), and we finally saw someone (or an algorithm) hit all the metals with huge futures sales at 3:06pmET. Palladium’s ability to initially shrug this off, with a ridiculous rally extension to +9.3% on the day alongside a late S&P pop to new all-time-highs, helped the other precious metals stabilize somewhat into 4pmET, but the automotive metal’s late 1.5% drop into the NY close (back to its post slam lows) has produced bearish NY closing prints for gold, silver, and platform (well below their respective COMEX closing ranges and below today’s earlier upside breakout points).
All this hints that the precious metals may finally cool off into tomorrow, but the big wild card tonight is China’s return from the Golden Week holidays. What will the PBOC say about the offshore yuan’s 0.3% depreciation versus the dollar over that time? Will it push back with a lower-than-expected USDCNY fix, which has supported the precious metals at times, or will it endorse the weakness considering it’s rather mild (which could hurt the metals). But perhaps more importantly, how will local Chinese gold participants behave after watching the market explode almost 5% higher in one week. Trader chatter on X this week almost feels convinced that the Chinese will chase this rally. This could be a very interesting night.
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